State of New Jersey Common Pension Fund D Decreases Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• State of New Jersey Common Pension Fund D cut its stake in Cytokinetics by 30.6% in Q4, selling 17,103 shares and now holding 38,799 shares valued at about $2.465 million.
• Cytokinetics announced a topline Phase‑3 success for aficamten in non‑obstructive HCM and beat Q1 revenue expectations with $19.36M (including roughly $4.8M from the MYQORZO launch) while holding about $1.1B in cash.
• Insiders executed sales under Rule 10b5‑1 plans and the company proposed a $650M common stock offering, introducing near‑term dilution risk and likely contributing to recent selling pressure.

State of New Jersey Common Pension Fund D cut its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 30.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,799 shares of the biopharmaceutical company's stock after selling 17,103 shares during the period. State of New Jersey Common Pension Fund D's holdings in Cytokinetics were worth $2,465,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics during the 4th quarter valued at $32,000. Quarry LP purchased a new stake in Cytokinetics during the 3rd quarter valued at $30,000. Advisory Services Network LLC purchased a new stake in Cytokinetics during the 3rd quarter valued at $32,000. Johnson Financial Group Inc. purchased a new stake in Cytokinetics during the 3rd quarter valued at $40,000. Finally, EverSource Wealth Advisors LLC raised its stake in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after buying an additional 673 shares during the last quarter.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $3,806,075. This represents a 21.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company's stock, valued at $11,907,397.74. The trade was a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 169,976 shares of company stock worth $10,710,369 in the last three months. Corporate insiders own 2.60% of the company's stock.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $74.84 on Thursday. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of -10.94 and a beta of 0.38. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $80.20. The business has a fifty day moving average price of $64.13 and a 200-day moving average price of $63.75.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts' expectations of $8.52 million. The company's revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter last year, the company earned ($1.36) earnings per share. On average, equities research analysts expect that Cytokinetics, Incorporated will post -6.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of a number of research reports. Barclays boosted their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. B. Riley Financial upped their price objective on Cytokinetics from $90.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Leerink Partners restated an "outperform" rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Citizens Jmp upped their price objective on Cytokinetics from $88.00 to $96.00 and gave the stock a "market outperform" rating in a research note on Wednesday, February 25th. Finally, Royal Bank Of Canada upped their price objective on Cytokinetics from $101.00 to $119.00 and gave the stock an "outperform" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.75.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Topline pivotal Phase‑3 success — the ACACIA‑HCM trial of aficamten (non‑obstructive HCM) met both dual primary endpoints with supportive secondary data, materially de‑risking the program and boosting commercial/regulatory prospects. Read More.
• Positive Sentiment: Early commercial traction and revenue beat — MYQORZO U.S. launch showed ~275 HCPs prescribing to ~680 patients in Q1 and generated ~$4.8M in partial‑quarter net product revenue; company reported Q1 revenue of $19.36M (well above consensus) and ~$1.1B cash on hand to fund launch. Read More.
• Positive Sentiment: Analyst momentum — several firms raised price targets and reiterated buy/outperform views following the trial & launch updates, supporting upside sentiment. Read More.
• Neutral Sentiment: Q1 EPS in line but losses continue — GAAP loss of ($1.67) matched estimates even as revenue surprised to the upside, highlighting strong top‑line launch execution but ongoing operating losses while scaling. Read More.
• Neutral Sentiment: Insider selling under 10b5‑1 plans — EVPs Andrew Callos and Fady Malik disclosed multi‑sale transactions executed via Rule 10b5‑1 plans; these are planned sales (not necessarily negative on fundamentals) but can prompt near‑term investor attention. Read More.
• Negative Sentiment: Planned $650M common stock offering — the proposed underwritten offering would fund commercialization and development but introduces near‑term dilution risk and is likely the main driver of selling pressure following the earlier rally. Read More.

Cytokinetics Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company's most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

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